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Conceptus® Reports Second Quarter Sales Of $36.8 Million

Please visit www.essure.com for more information on the Essure procedure. Patients may call the Essure Information Center at 1-877-ESSURE-1 with questions or to find a physician in their area. Information about Conceptus is available at www.conceptus.com.

Forward Looking Statements

Except for the historical information contained herein, the matters discussed in this press release include forward-looking statements, the accuracy of which is subject to risks and uncertainties. These forward-looking statements include discussions regarding projected net sales and net income for the third quarter and full year 2010, the use of non-GAAP financial measures and growth in physician metrics. These discussions and other forward-looking statements included herein may differ significantly from actual results. Such differences may be based upon factors such as changes in strategic planning decisions by management, re-allocation of internal resources, changes in the impact of recessionary pressures, decisions by insurance companies, scientific advances by third parties, litigation risks, and the introduction of competitive products, as well as those factors set forth in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, and other filings with the Securities and Exchange Commission. These forward-looking statements speak only as to the date on which the statements were made. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

© 2010 Conceptus, Inc-- All rights reserved. Conceptus, Essure and Your Family is Complete. Your Choice is Clear are registered trademarks and service marks of Conceptus, Inc.

               
Conceptus, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
 
Three Months Ended Six Months Ended
June 30, June 30,

2010

2009

2010

2009

 
Net sales $ 36,847 $ 33,049 $ 70,205 $ 60,200
Cost of goods sold   7,285     6,671     13,676     12,426  
Gross profit   29,562     26,378     56,529     47,774  
 
Operating expenses:
Research and development 1,815 2,008 3,561 3,415
Selling, general and administrative   26,330     23,337     52,309     45,908  
Total operating expenses 28,145 25,345 55,870 49,323
 
Operating income (loss) 1,417 1,033 659 (1,549 )
Interest and other expense, net   (1,585 )   (1,506 )   (3,044 )   (3,119 )
Loss before provision for income taxes (168 ) (473 ) (2,385 ) (4,668 )
 
Provision for income taxes   123     82     257     223  
 
Net loss $ (291 ) $ (555 ) $ (2,642 ) $ (4,891 )
 
Basic and diluted net loss per share $ (0.01 ) $ (0.02 ) $ (0.09 ) $ (0.16 )
 
Shares used in computing basic and diluted net loss per share 31,032 30,518 30,981 30,478
 
                   
Conceptus, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
 
June 30, December 31,
2010 2009
 
Cash and cash equivalents $ 21,458 $ 61,658
Short-term investments and put option 50,612 43,559
Accounts receivable, net 19,344 17,315
Inventories, net 4,598 4,908
Other current assets   4,904     3,437  
Total current assets 100,916 130,877
 
Property and equipment, net 10,601 9,782
Intangible assets and debt issuance costs, net 26,268 28,674
Long-term investments 18,980 -
Goodwill 14,750 17,318
Other assets   505     488  
Total assets $ 172,020   $ 187,139  
 
Total liabilities   110,764     126,281  
Common stock and additional paid in capital 302,115 296,191
Other comprehensive loss (3,877 ) (993 )
Accumulated deficit   (236,982 )   (234,340 )
Total stockholders' equity   61,256     60,858  
Total liabilities and stockholders' equity $ 172,020   $ 187,139  
 
               
Conceptus, Inc.
Reconciliation of Reported Net loss and Loss Per Share to Non-GAAP Net Income and Earnings Per Share
(Unaudited)
(In thousands, except per share amounts)
 
Three Months Ended Six Months Ended
June 30, June 30,

2010

2009

2010

2009

 
Net loss, as reported $ (291 ) $ (555 ) $ (2,642 ) $ (4,891 )
 
Adjustments to net loss:
Amortization of intangibles (a) 808 186 1,627 366
Stock-based compensation (b) 1,802 1,583 3,531 2,930
Amortization of non-cash interest expense (c) 1,099 1,039 2,183 2,064
Amortization of debt issuance costs (d)   116     117     232     233  
Adjustments to net loss 3,825 2,925 7,573 5,593
 
Non-GAAP net income (loss) $ 3,534   $ 2,370   $ 4,931   $ 702  
 
Loss per share, as reported
Basic and diluted $ (0.01 ) $ (0.02 ) $ (0.09 ) $ (0.16 )
 
Non-GAAP earnings per share
Basic $ 0.11 $ 0.08 $ 0.16 $ 0.02
Diluted $ 0.11 $ 0.08 $ 0.15 $ 0.02
 
Weighted average common shares used in calculation
Basic 31,032 30,518 30,981 30,478
Diluted 31,828 31,012 31,932 30,928
 

__________________________________________________

  (a) Consists of amortization of intangible assets, primarily licenses and customer relationships
(b) Consists of stock-based compensation in accordance with ASC 718
(c) Consists of amortization of non-cash interest expense in accordance with ASC 470-20
(d) Consists of amortization of debt issuance costs
 
               
Conceptus, Inc.
Reconciliation of Forward-Looking Guidance For Non-GAAP Financial Measures
To Projected GAAP EPS
(Unaudited)
 
Three Months Ending Twelve Months Ending
September 30, 2010 December 31, 2010

From

To

From

To

 
GAAP Guidance $ 0.03 $ 0.06 $ 0.21 $ 0.26

 

Estimated Non-GAAP Guidance
Amortization of intangibles (a) $ 0.02 $ 0.02 $ 0.10 $ 0.10
Stock-based compensation (b) $ 0.06 $ 0.06 $ 0.24 $ 0.24
Amortization of non-cash items for convertible note (c) $ 0.04 $ 0.04 $ 0.15 $ 0.15
Total Non-GAAP Adjustments $ 0.12 $ 0.12 $ 0.49 $ 0.49
 
Non-GAAP Guidance $ 0.15 $ 0.18 $ 0.70 $ 0.75

__________________________________________________

(a) Consists of amortization of intangible assets, primarily licenses and customer relationships
(b) Consists of stock-based compensation in accordance with ASC 718
(c) Consists of amortization of non-cash interest expense in accordance with ASC 470-20 and debt issuance costs
 

CC-2459 05AUG10F

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